ZBOM(SH:603801) Haitong Securities·2024-09-14 07:09Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company reported a revenue of 2.212 billion yuan for the first half of 2024, a year-on-year decrease of 3.85%, and a net profit attributable to shareholders of 149 million yuan, down 17.05% year-on-year [4][5] - The company’s gross margin for the first half of 2024 was 36.69%, a decrease of 0.11 percentage points compared to the previous year [4] - The company has a strong reputation in overseas markets, particularly in North America, the Middle East, Australia, and Southeast Asia, and has secured several prestigious projects [5] Financial Performance - For the second quarter of 2024, the company achieved a revenue of 1.392 billion yuan, a year-on-year decrease of 6.88%, and a net profit of 102 million yuan, down 20.54% year-on-year [4] - The company’s operating income for 2023 is projected to be 6.116 billion yuan, with a slight decrease to 6.069 billion yuan in 2024, followed by growth in subsequent years [6][8] - The net profit for 2024 is forecasted to be 562 million yuan, down from 595 million yuan in 2023 [6][8] Product and Channel Analysis - Revenue from kitchen cabinets, custom wardrobes, and wooden doors for the first half of 2024 was 973 million yuan, 944 million yuan, and 139 million yuan respectively, with year-on-year changes of -3.04%, -4.3%, and +6.88% [5] - Direct sales, distribution, and bulk business generated revenues of 175 million yuan, 1.166 billion yuan, and 606 million yuan respectively, with year-on-year changes of -8.18%, -10.90%, and +8.22% [5] Profitability Forecast - The company’s net profit estimates for 2024 and 2025 have been revised down to 560 million yuan and 590 million yuan respectively, corresponding to a price-to-earnings ratio of 7.1x and 6.9x [5] - The reasonable value range for the stock is estimated to be between 12.9 and 15.4 yuan per share based on comparable companies [5]